Since last Diwali, the stock market has traded almost flat. The Nifty and the Sensex have gained a nominal 5.6 per cent while the broader NSE 500 is up 3.7 per cent. The Midcaps 250 is up 4.5 per cent while the Small caps 250 is down 2.3 per cent. The returns from equity would be marginally positive after accounting for inflation. This is one of those phases in which risk-free instruments such as government securities have yielded better returns than the stock market. The last 12 months have been characterised by economic uncertainties and geopolitical tensions. While

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